Mills & Reeve has announced the completion of the sale of the Financial Services Authority's (FSA) transaction reporting system (TRS) to the London Stock Exchange (LSE) for £15 million.
TRS is an approved reporting mechanism (ARM) established in the UK market for the reporting of transactions in regulated instruments by firms to the FSA in accordance with FSA and MiFID requirements.
The UK regulator uses this information to detect and investigate suspected cases of market abuse, insider trading, market manipulation and is also used as part of its monitoring of supervised firm activity.
Patrick Spens, head of Market Monitoring at the FSA, said, "We are pleased to have now concluded this transaction with the London Stock Exchange for the sale of TRS. Mills & Reeve’s level of commitment and breadth of expertise have proved invaluable in getting this deal across the line".
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